INQ Holdings, SBI, Citigroup Top Buyers in Adani Energy's $1 bn QIP

05 Aug 2024 CW Team

According to Adani Energy Solutions (AESL), the major buyers of shares in the company's $1 billion qualified institutional placement (QIP) included a unit of Qatar Investment Authority, SBI Mutual Fund, and foreign investment funds Nomura and Citigroup.

The Rs 83.73 billion QIP, which closed last week, attracted over 120 investors seeking shares in AESL, a firm involved in power transmission, distribution, and smart metering.

Investment firms led by billionaire Stanley Druckenmiller's family office were also among those interested in purchasing shares of AESL during the QIP.

AESL's filing revealed that its board approved the allocation of over Rs 80.57 billion shares to qualified institutional buyers at an issue price of Rs 976 per share. This price represented a discount of Rs 51.11 (4.98 per cent) from the floor price of Rs 1,027.

The filing detailed that INQ Holdings LLC, a wholly-owned subsidiary of QIA, acquired 15 per cent of the shares sold. Citigroup's two Mauritius funds purchased 8.88 per cent of the shares, while four SBI funds?SBI Infrastructure Fund, SBI Large & Midcap Fund, SBI Long Term Advantage Fund Series IV, and SBI Magnum Children's Benefit Fund?together acquired 7.93 per cent of the shares. Nomura Singapore Ltd ODI obtained 7.5 per cent of the shares.

Additionally, it was noted that INQ had acquired nearly 2.7 per cent of Adani Green Energy, the renewable energy arm of the conglomerate led by billionaire Gautam Adani, in August of the previous year. INQ had also purchased a stake in Adani Electricity Mumbai, a subsidiary of AESL, in 2020.

Infrastructure Urban

14 Oct 2025

Vibrant Gujarat Meet Showcases Rs 1.25 Trillion Investment

The Vibrant Gujarat Regional Conference – North Gujarat was inaugurated on Saturday in Mehsana by Chief Minister Bhupendra Patel and Union Minister for Railways, Information and Broadcasting Ashwini Vaishnaw. The event underscored Gujarat’s emergence as a key pillar of India’s development in semiconductors, electronics manufacturing, modern logistics, and green energy. Addressing the gathering, Ashwini Vaishnaw said Gujarat is fast becoming the foundation of India’s industrial transformation, supported by an investment of Rs 1.25 trillion in the electronics and semiconductor sector. H..

JSW MG Motor Rises To No. 2 In India’s Luxury EV Market

JSW MG Motor India has climbed to the second position in India’s luxury electric vehicle (EV) segment, according to Vahan data for September 2025. The company’s growth has been fuelled by strong demand for two key models — the MG Cyberster and the MG M9 Presidential Limousine — both of which currently have a waiting period of three to four months. Launched in July 2025, the MG Cyberster has become India’s highest-selling sports car, with 256 units sold through the brand’s premium retail network, MG Select. “Securing the second spot in India’s luxury EV segment is a testament ..

Maharashtra Clears Green Power Use For Data Centres

In a major policy boost for India’s expanding digital infrastructure, the Maharashtra government has approved a plan allowing data centres in Mumbai, Navi Mumbai, Thane, and surrounding regions to generate and distribute their own renewable energy. The state energy department issued an order enabling data centre parks and individual units, recognised by the industries department, to set up captive power generation and distribution facilities. The permission applies exclusively to renewable energy sources such as solar, wind, or hydro power. Industry experts have hailed the decision as tran..